Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Segment Reporting Information, by Segment

The following tables present revenues and Adjusted EBITDA for each reportable segment for the three months ended March 31, 2026 and 2025 (in thousands):


	THREE MONTHS ENDED MARCH 31, 2026
	OUTPATIENT		PROFESSIONAL		INTERSEGMENT ELIMINATIONS			TOTAL OF REPORTABLE SEGMENTS
Revenue
Net patient service revenue	$	138,092	$	62,746	$	(3,520	)	$	197,318
Management fee and other revenue		49,807		5,412		—			55,219
Total revenues		187,899		68,158		(3,520	)		252,537
Other segment items(1)		149,526		55,332		(3,520	)		201,338
Adjusted EBITDA	$	38,373	$	12,826	$	—		$	51,199
Less:
Depreciation and amortization									(9,922	)
Income tax provision									(1,364	)
Amortization of basis difference									(531	)
Interest expense									(16,331	)
Loss on disposal of property and equipment									(137	)
Stock-based compensation									(12,274	)
Severance and executive recruiting(2)									(945	)
Strategic initiatives and implementation(3)									(825	)
Transaction costs(4)									(2,582	)
Litigation and settlements(5)									(29	)
Other(6)									5
Adjustments for equity in earnings of unconsolidated affiliates(7)									(4,547	)
Net income								$	1,717


	THREE MONTHS ENDED MARCH 31, 2025
	OUTPATIENT		PROFESSIONAL		INTERSEGMENT ELIMINATIONS			TOTAL OF REPORTABLE SEGMENTS
Revenue
Net patient service revenue	$	133,430	$	60,554	$	(1,686	)	$	192,298
Management fee and other revenue		47,371		5,332		—			52,703
Total revenues		180,801		65,886		(1,686	)		245,001
Other segment items(1)		138,979		56,709		(1,686	)		194,002
Adjusted EBITDA	$	41,822	$	9,177	$	—			50,999
Less:
Depreciation and amortization									(9,051	)
Income tax provision									(3,379	)
Amortization of basis difference									(500	)
Interest expense									(29,849	)
Stock-based compensation									(6,374	)
Gain on disposal of property and equipment									162
Severance and executive recruiting(2)									(1,370	)
Strategic initiatives and implementation(3)									(868	)
Transaction costs(4)									(3,588	)
Litigation and settlements(5)									128
Other(6)									(22	)
Adjustments for equity in earnings of unconsolidated affiliates(7)									(3,975	)
Net loss								$	(7,687	)

(1)

Other segment items for both segments include certain operating expenses that are not regularly provided to the CODM on a segment basis and that are identifiable with that segment, including general and administrative expenses.

(2)

Includes severance and recruiting expenses for executive leadership departures as part of strategic organizational changes.

(3)

Includes third-party consulting, implementation and integration expenses incurred as part of the Company’s strategic transformation and optimization initiatives, specifically related to the deployment of a new technology system and labor model, as well as the development, customization and integration of a new enterprise resource planning system.

(4)

Includes costs for third-party non-recurring IPO costs, buy-side and sell-side due diligence activities to evaluate and execute potential mergers and acquisitions, integrate acquired businesses and one-time employee retention bonuses related to potential mergers and acquisitions.

(5)

Consists of litigation and settlement costs for matters not related to core operations.

(6)

Consists of other costs related to debt financing, certain de novo start-up costs related to outpatient imaging centers and certain exit costs related to closed outpatient imaging centers.

(7)

Adjusts for the Company’s proportional share of depreciation and amortization, interest expense and losses/gains on asset disposals related to unconsolidated affiliates, which are included in equity in earnings from unconsolidated affiliates on the accompanying condensed consolidated statements of operations and comprehensive income (loss).